Category: East Africa
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Uganda: Traders Welcome Retail Trade Order
Traders, employers, labour unions and politicians yesterday cheered President Museveni’s order on foreigners in retail trade and observed that the “importation of importers” had distorted the economy, worsened unemployment and poverty levels. According to Mr Everest Kayondo, the chairperson of Kampala City Traders Association (Kacita), his members, especially from major towns across the country, have…
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Kenya:Why drop in fuel prices is not good news for cargo business
Even as it fights to regain financial muscle after its bet on fuel first backfired two years ago, Kenya Airways (KQ) faces another round of uncertainty linked to low petroleum prices. Its cargo division, launched 12 years ago as next growth area, has increasingly come under pressure, with clients demanding lower charges in proportion to…
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Kenya:Treasury bursts local borrowing target by Sh49bn on tax shortfall
The Treasury last month surpassed its annual domestic borrowing target by Sh49.2 billion to plug revenue shortfalls as tax collections continued to fall below targets, newly released data show. Net domestic borrowing hit Sh446.6 billion in May – one month before the end of the fiscal year – against the annual target of Sh397 billion,…
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Kenya: Safaricom Drops Roaming Charges By Up to 99%
Following successful negotiations with its global network of partners, Safaricom reduced roaming charges for calls and data by up to 99 per cent for over 200 networks across the world. Safaricom customers will be able to enjoy reduced data roaming rates at the rate of Sh14 per MB in over 52 countries, as well as…
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Kenya: Imperial Bank Customers Commence Accessing of Funds
NIC Bank has begun the process of providing access of funds to depositors at Imperial Bank Limited which is under receivership. This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process. Imperial Bank depositors will have access to funds of up to a maximum of Sh1.5…
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Kenya:Safaricom slashes roaming charges in over 52 countries
Safaricom has reduced roaming charges for calls and data by up to 99 per cent for over 200 networks across the world following successful negotiations with its global network of partners. Safaricom customers will be able to enjoy reduced data roaming rates at Sh14 per MB in over 52 countries, as well as make calls…
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Kenya:Safaricom announces Sh27bn special dividend
Safaricom has declared a special dividend of Sh0.68 per share for the year ending March 31, 2017 to be paid out on or prior to December 1, 2016. This is an additional dividend over and above the Sh0.76 per share for the year ended March 31, 2016 that the board is recommending to shareholders at…
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Tanzania hands out cash to help its very poorest kickstart businesses
Tatu Mtulya looks older than her age. Her sun-parched skin and the repairs to her well-worn dress say it all. She is poor. The 49-year-old single mother lives in a grass-thatched house with her four children in a village next to a highway in Tanzania’s northern Muheza district. She is among thousands of women from…
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Kenya:Fuel hedging sinks Airways deeper into loss
National carrier Kenya Airways’ big bet on fuel hedging paired up with foreign exchange turbulence to sink it deeper into loss even as green shoots of recovery began to show in revenue growth. KQ, as the airline is popularly known, reported a Sh26.2 billion net loss for the year ended March compared to Sh25.7 billion…
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Kenya:Millers shun Sh2.5bn maize offered for sale at the NCPB
Millers have shunned the one million bags of top grade maize worth Sh2.5 billion offered to them last month from the State-owned Strategic Grain Reserves to curb the rally in flour prices. Data provided to Parliament indicate the millers have accessed 102,903 bags or 10 per cent of the allocated quota. Maize flour prices crossed…